1st Jul 2016 06:35
LONDON (Alliance News) - Premier Oil PLC on Friday said it has progressed talks with its lenders on the terms of its existing financial facilities and expects the negotiations to conclude in the third quarter.
Premier said the lending group has agreed the rest of its financial covenants at the end of June will be waived and replaced by a test covering the 12-month period to the end of July.
This will allow further time for the company to agree amendments to its existing financial covenants and to reset its debt maturities.
Premier said it anticipates the talks with lenders will be completed in the third quarter and said a further deferral of the covenant test date will be sought if required.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
PMO.L